Posted by Kenny on October 05, 2000 at 16:15:58:
This guy is dead on! I am going to do this myself. If you could be my mentor via e-mail please contact me.
Carleton Sheets Central Mass Crappy Credit and I’m Broke? - Posted by dan
Posted by dan on May 06, 1999 at 03:47:49:
I would imagine that will bring a response. Anyway I’ve read a lot of the posts and seen the u can do its if you bust your balls. Aside from that I have crappy credit I’m pretty much broke but extremely motivated. Does anyone have any real life experiences with this or would anyone like to partner with a presence in Massachusetts. Finally with hardwork persistance and dedication will this thing work or would I be better off faking my own death and taking the insurance money.
Look forward to everyones opinion.
Dan
Real world? - Posted by HR
Posted by HR on May 08, 1999 at 07:28:38:
Dan,
In the real world (especially with this hot market), you’re going to have to bust your fanny, pal. May not be the answer you want, but it’s life.
Here is what I would do. 1) begin fixing your credit. Doesnt matter what it takes; you will be amazed how much you can improve in two years (and whether or not you use it in rei, you will use your credit the rest of your life). 2) Figure out why you got bad credit and fix it. You started out with good credit. You screwed it up somehow; stop. Change. Learn, act differently. Credit is VERY important.
3) Forget CS for now. Learn how to generate cash. You should start looking for deals to flip. Read Jackie’s articles here and consider buying LeGrand’s flip course from his site (The wholesale retail course). Flips need no credit or cash; just knowhow and lots of sweat. 5) Once you have cash, you can definately get into deals without having to borrow money. But without the cash to help grease the deal… don’t waste your time. Spend it instead becoming a flip master. 6) Finally, go to a mortgage broker and for about $25 let them pull your credit report and tell you what loans you could qualify for now. You may be surprised. Attila the Hun could could get a loan these days. Have the broker tell you what you need to do over what time period so you can get a loan.
I was up in Boston a month ago for a wedding. Around Topsfield, Glouster. I was struck by how many homes still needed a lot of work and needed repair. There’s gold in them their deferred maintenance. I know your area; I was born and raised in RI.
Don’t give up. But don’t think this is easy. You are at the hardest starting point possible: little knowledge, no cash, and poor credit. You can make it if you want to. How bad do you want to?
HR